New Particular Function Credit score Program presents down cost grants for SBA 504 and seven(a) industrial actual property loans for ladies and minority enterprise house owners in Atlanta, Chicago, Charlotte, Dallas and Los Angeles
CHARLOTTE, N.C., Aug. 30, 2022 /PRNewswire/ — Financial institution of America at present introduced the launch of a Small Enterprise Down Cost Grant Program to drive enterprise progress and assist create generational wealth alternatives for minority and ladies enterprise house owners.
Launching in choose markets with plans to develop in 2023, this system will prolong credit score to traditionally deprived small enterprise debtors and supply help to make buying industrial actual property extra reasonably priced.
“In the present day, many enterprise house owners of various backgrounds lack the entry to capital and technical help wanted to qualify for industrial loans, which can assist safe transferable property that construct fairness throughout generations,” stated Jill Calabrese Bain, Small Enterprise Integration and Transformation govt at Financial institution of America. “We’re dedicated to addressing inequalities in enterprise possession by offering entrepreneurs with the entry to experience, assets and capital essential to realize their monetary targets.”
This system will likely be out there for eligible ladies and minority enterprise house owners making use of for Small Enterprise Administration (SBA) 504 and seven(a) industrial actual property loans. Business actual property properties should be based mostly in Alternative Zones in Atlanta, Chicago, Charlotte, Dallas and Los Angeles, as outlined by the U.S. Treasury. Eligible enterprise house owners can apply for down cost grants, protecting as much as 50% of required injection (capped at $25,000).
Program eligibility necessities additionally necessitate 51% ladies or minority enterprise possession and proprietor occupancy, and a 5% minimal down cost from the applicant. Moreover, Financial institution of America small enterprise specialists will group up with native small business-centric non-profit companions to offer monetary schooling providers.
Financial institution of America is dedicated to serving to small enterprise house owners in native communities throughout the nation via quite a few assets past the Small Enterprise Down Cost Grant Program, together with:
- Secured Credit score Choices: The beforehand introduced Financial institution of America Secured Enterprise Benefit Credit score Line launched final week, providing a credit score line from $1,000 to $50,000 to enterprise house owners. Earlier this yr, Financial institution of America additionally debuted the Enterprise Benefit Limitless Money Rewards Mastercard® Secured bank card as a brand new instrument to assist enterprise house owners set up, strengthen or rebuild their enterprise credit score – all whereas offering cardholders with the advantages that matter most to their enterprise. The credit score line ranges from $1,000 to $10,000, incomes limitless 1.5% money again on all purchases.
- Entry to Capital Listing: A complete database designed in partnership with Seneca Ladies to assist ladies and minority entrepreneurs study extra about navigating the capital panorama and figuring out potential sources of funding, reminiscent of fairness, debt and grant capital.
- Begin a Enterprise Middle: A useful resource for consolidated content material to assist potential and new enterprise house owners learn to begin or develop their enterprise. The digital expertise presents assets reminiscent of marketing strategy templates, companions for vital providers and entry to Financial institution of America Small Enterprise specialists. Purchasers can make the most of ideas and issues on matters reminiscent of writing a marketing strategy, enterprise authorized constructions, advertising and marketing technique and enterprise financing choices.
- Small Enterprise Assets: As a part of Financial institution of America’s ongoing dedication to help our small enterprise shoppers and their monetary priorities, we proceed to broaden our digital instructional content material. The location options instruments, insights, and knowledgeable recommendation to assist entrepreneurs run and develop their companies. The academic hub gives ideas and options for all elements of enterprise possession, protecting matters together with enterprise technique, buyer relations, financing choices, optimizing operations, managing money stream and extra.
To study extra about our small enterprise assets, obtain the Financial institution of America app or go to bankofamerica.com/smallbusiness.
In associated information, Financial institution of America additionally introduced at present it’s providing a zero down cost, zero closing price mortgage resolution in choose markets. The brand new Neighborhood Reasonably priced Mortgage Resolution™ goals to assist eligible people and households receive an reasonably priced mortgage to buy a house. It’s now out there to first-time homebuyers buying in choose Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This new program enhances the present $15 billion Financial institution of America Neighborhood Homeownership Dedication,™ which gives reasonably priced mortgages, grants and academic alternatives with the aim of serving to 60,000 low-to-moderate revenue people and households into reasonably priced houses by 2025.
Financial institution of America
Financial institution of America is likely one of the world’s main monetary establishments, serving particular person shoppers, small and middle-market companies and huge firms with a full vary of banking, investing, asset administration and different monetary and danger administration services and products. The corporate gives unmatched comfort in the US, serving roughly 67 million shopper and small enterprise shoppers with roughly 4,000 retail monetary facilities, roughly 16,000 ATMs and award-winning digital banking with roughly 55 million verified digital customers. Financial institution of America is a worldwide chief in wealth administration, company and funding banking and buying and selling throughout a broad vary of asset courses, serving firms, governments, establishments and people all over the world. Financial institution of America presents industry-leading help to roughly 3 million small enterprise households via a set of revolutionary, easy-to-use on-line services and products. The corporate serves shoppers via operations throughout the US, its territories and roughly 35 nations. Financial institution of America Company inventory (NYSE: BAC) is listed on the New York Inventory Change.
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Reporters Might Contact:
Don Vecchiarello, Financial institution of America
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